Do you think it a good time to buy in sandiego california (San Diego: for sale, real estate)

[gavin tomis]

Do you think it a good time to buy in sandiego california

[MissNM]

We did - no regrets. Got a foreclosed condo for about 45% less than what it sold for new 4 years ago. We plan to stay in it for quite a long time.

Just don't overbuy your budget - you don't want to find yourself in a bad situation in the future.

[stargazzer]

Thinking along the same lines......The amount of listings per household in area is confusing.

There are considerately more listings per existing households as neighborhood rises in cost.

Rancho Sante fe....371 listings per, 1400 households, thats 25% of homes existing, "for sale"
Delmar................191 listings per, 2,500 households, thats 12% of homes existing, "for sale"
La Jolla................470 listings per, 20,000 households, thats 18% ..................................

Not being a real estate agent , and in the time, just trying to get a picture of whats going on.
It would be a strain to walk down a street and buy when every 6, 10, or even as we see in rancho 4 homes are for sale.

Of course these are the pricey area's , and often reflect some of the reality climate.

I hope some good info comes to thread, and answers some of the confusion.

Whats interesting and definitely a good thing..I can only guess , is that the number of listings don't seem to fluctuate that much regardless of new listings which are very active..........

There were about 75 new listings in Del mar and Rancho in just this past month....so they must sell. Its almost like its controlled. ...

[skeke]

Both my son and I have bought during this downturn, me two years and some months ago. My son more recently. The downturn was definitely helpful to both of us. He has lived in San Diego almost all his life and was buying his first home. Got a fixer upper bank repo in a nice family neighborhood in Poway which has done nothing but go up in value. I bought a fixer upper older home (1950) in a less attractive neighborhood down in the city. My house has not gone up the way their's has but according to zillow it is worth a bit more than we paid for it. The timing was just right for us. We sold our Sacto place for $15,000 more than we bought our San Diego place for. Now Zillow says our Sacto place is valued at $100,000 less than we sold it for. Our timing allowed us to get a maximum for our Sacto house while still taking advantage of the drop here. During the height houses in our simple little neighborhood were selling in the high $400,000's up to 1/2 a million. We bought in the low $300,000's.

[SDinsider]

Well, I am an agent in La Jolla. I have been writing in my blog about this exact question forever. Nobody can predict the future. But the rule of thumb with investing will never change. Buy low, sell high. Pretty simple right? Investors are MOBING court house doorsteps now with LARGE cashiers checks buying up foreclosed properties. They understand that housing is at ridiculously low priced these days. Most areas are already starting to rise. Thats probably why investors are in a mad scramble to grab all they can. As for the general public....not so much. There will always be a "safety in numbers" feel to the average person. The public always waits til the WRONG time to buy before diving into real estate. Who can blame them. It's a big investment. And there was a big corretion recently. But if anyone stops for a minute and thinks...they will see that prices are low....financing is cheaper than anytime in US history....it's BUYING time. On the other hand, it's sad to see people selling now. The equity lost is stagering. Banks are absorbing losses in short sales. But the individuals loosing equity is a big blow to some families. So, the short answer is SELL/NO...BUY/YES. Keep up the convo! Great thread!

[shmoov_groovzsd]

On the whole the answer is a resounding "yes" with some restrictions.

The psychology has changed in years about what means to own a home. You should only buy when it make sense for you to buy. Generally speaking, SDInsider is correct in making the clear observations about what is happening from the standpoint of low interest rates and prices.

If you are just thinking about it, your best bet is to go get pre-qualified for a loan to see what you are able to afford. If you think it makes sense for you, then get pre-approved and so fourth. Lending is tight right now and you better make sure you have all your ducks in a row before applying for a mortgage.

[stargazzer]

Originally Posted by SDinsider

Well, I am an agent in La Jolla. I have been writing in my blog about this exact question forever. Nobody can predict the future. But the rule of thumb with investing will never change. Buy low, sell high. Pretty simple right? Investors are MOBING court house doorsteps now with LARGE cashiers checks buying up foreclosed properties. They understand that housing is at ridiculously low priced these days. Most areas are already starting to rise. Thats probably why investors are in a mad scramble to grab all they can. As for the general public....not so much. There will always be a "safety in numbers" feel to the average person. The public always waits til the WRONG time to buy before diving into real estate. Who can blame them. It's a big investment. And there was a big corretion recently. But if anyone stops for a minute and thinks...they will see that prices are low....financing is cheaper than anytime in US history....it's BUYING time. On the other hand, it's sad to see people selling now. The equity lost is stagering. Banks are absorbing losses in short sales. But the individuals loosing equity is a big blow to some families. So, the short answer is SELL/NO...BUY/YES. Keep up the convo! Great thread!

Ok so whats going on with the almost exact same amount of listing in area's mentioned above for about a year
It looks like Rancho is definitely a stand in line and wait your turn deal....a control devise managed intentionally and followed by the owners. Its just too perfect....that would be good although as it eliminates a panic area
outlook.
So....why does everybody in rancho want out..? Its pretty obvious

Confusing though as ...weather, security....close to beach..good flash appeal for the relatives and friends....buis too. house's look smart.....lots of 2000- 3100 sq ft .....for big buyers , hard to beat. Certainly knocks the Desert locations out...florida's too hot

Heres my opinion on PB.......this has got to be the most beautiful beach to me anyway....but the party crowd is driving a bad rep. PB has GOT to get into .....no public drinking Is rumors true...La Jolla is Falling...?
Heres also opinion.......not being a smart Aleck but does nobody in La Jolla own Hedge Clippers...? Its one thing to have hilly and bushy , but from a
buyer who wants to get out of congestive scenery....this town is a no-go
Just throwing a few things out on the table...Prob be Delmar ...or Rancho.... maybe escond

[JohnAlt]

Originally Posted by SDinsider

They understand that housing is at ridiculously low priced these days. Most areas are already starting to rise.

Besides being gramatically incorrect, I think that first sentence is flat out wrong. Ridiculous compared to what? What areas or do you mean all of San Diego County? Post a link to a "ridiculously low priced" home and explain why the price should be so much higher. And being 20% or so below the peak is not proof. 2005 prices are no benchmark.

I think some areas are about where they should be, given those pesky fundamentals like incomes and buying power, and some have a ways to go. Growing inventories back up that view.

Some (not most) areas have risen in the last year. I think that speaks more to government intervention to prevent a complete collapse than anything else. There are still too many people upside down or unemployed for any real strength in housing to take hold.

[stargazzer]

Originally Posted by JohnAlt

Besides being gramatically incorrect, I think that first sentence is flat out wrong. Ridiculous compared to what? What areas or do you mean all of San Diego County? Post a link to a "ridiculously low priced" home and explain why the price should be so much higher. And being 20% or so below the peak is not proof. 2005 prices are no benchmark.

I think some areas are about where they should be, given those pesky fundamentals like incomes and buying power, and some have a ways to go. Growing inventories back up that view.

Some (not most) areas have risen in the last year. I think that speaks more to government intervention to prevent a complete collapse than anything else. There are still too many people upside down or unemployed for any real strength in housing to take hold.

No doubt about it, didn't touch on the obvious...what was really good was all the people "lined up" with cashiers ch's to buy homes outright.

Didn't want to say , but this CA reality in my opinion hasn't even come close to bottom. The doe in income has to be there to pay the bills.
Figure out the top end and youv'e got the story, in reality....everything follows top end

Old money sitting on...lets get out. What an attitude...the amount of homes for sale is totally unnecessary. Heres the prob and whats going on...Besides the loss of jobs etc ect....

People in CA, Desert States, Florida, Aspen, alot of multiple owners with
2-3 places even more want to panic and liquidate. Many don't have to but think they must get on the band wagon and save their ...what they thought was escalated profit from old money purchase
.
In short Greed on top of Greed. If they don't knock it off prices will drop another 40%.....mark my words. Its not even close to bottom....and why should it be...?
Where are income earners supposed to live ? I thought .......
grammatically had 2 mm's

[SDinsider]

Jon, don't be an ass to someone you dont know, just because you disagree on some forum. It just makes you look small.

Nobody really knows what the market will do in the future. All we can do it use historical data from other recessions, examine our economy, and make an educated guess. Since real estate is what I do for a living, I have my own opinions based on the data I watch every day. This moment in time is the very definition of a buyers market. If anyone wants a market analysis for a specific area, just pm me. I'll be glad to put that together for you. 1, 5, 10, or 20 year charts depending on your investment needs. You can always make a good, or a bad purchase no matter what the economy. Homework is the key imo. Good luck!